The story posted on the Journal's Web site cited unnamed people familiar with the matter.
A Yahoo spokeswoman declined to comment on the report, calling it a rumor.
Yahoo shares rose 76 cents today, or more than 7 percent, to close at $11.50, as The Wall Street Journal story raised investor hopes.
Miller's potential offer for the Sunnyvale-based company would be at $20 to $22 a share.
Analysts say the nation's credit crunch will make it hard for Miller to raise the money.